Saturday, September 30, 2023

Oman News

OQGN to organize roadshows in various governorates of Oman

OQ Gas Networks Company, the exclusive operator and owner of the natural gas transportation network ‘NGTN’ in Oman, will be organizing eight roadshows within the framework of its intention to inaugurate its initial public offering (IPO).

Oman News Agency

Tuesday, September 19, 2023

MUSCAT : The roadshows – from September 20 until October 3 – aim to educate investors, nationals and residents about the system of subscription in issued shares and targeted categories.

OQGN plans to float up to 49% of its shares, in an offering that will provide investors with access to the company’s growth.

The first roadshow will be held on September 20 in collaboration with Oman Chamber of Commerce and Industry (OCCI) in the Wilayat of Sohar, North Al Batinah Governorate. The Chamber’s branch in the Wilayat of Khasab will host the second roadshow in Musandam Governorate on September 21.

Following this, another roadshow will be held in Al Dhahirah Governorate in the Chamber’s branch in the Wilayat of Ibri on September 24. The fourth roadshow will be hosted in the Chamber’s branch in Al Buraimi Governorate on September 25.

The Wilayat of Nizwa in Al Dakhiliyah Governorate will host the fifth IPO roadshow on September 26, while the sixth roadshow will be held in the Chamber’s branch in Dhofar on September 28.

The last two roadshows will be held in the Wilayat of Ibra in North Al Sharqiyah Governorate on 2 October and in Muscat Governorate on 3 October, respectively.

Mansoor Ali Al Abdali, Managing Director of OQGN, said: “This IPO enhances the Government’s efforts towards economic diversification, in line with the objectives of Oman Vision 2040.”

He added that OQGN’s intention to float up to 49% of its shares through an IPO is part of the plans announced by Oman Investment Authority (OIA), to enter into partnerships with the Omani and foreign private sectors.

These plans are designed to expand the investor base in government companies, through public offerings in line with the plans of economic diversification and attracting national and foreign investments, Al Abdali pointed out.

He also said that OQGN’s IPO reflects the efforts made by OQ Group to expand investments in its assets, attract foreign investors, and provide access to broader segments of society to its ownership with the aim of directing their savings to new investment opportunities, in addition to increasing liquidity on Muscat Stock Exchange.

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